Altair Minerals (ASX:ALR) has secured 29km² of adjoining permits to expand its South Oko Project in Guyana, increasing exposure to the Oko Shear Contact by 30% to approximately 18km of strike.
The expansion positions Altair as the dominant explorer on the Oko Shear Contact, a greenstone shear zone where approximately 6km of strike has led to discoveries totalling 9.1 million ounces of gold on the adjoining northern property.
The company now controls strike exposure equivalent to the combined strike of the recently consolidated northern extension.
CEO Faheem Ahmed says the expansion marks a significant milestone in executing the company’s long-term plans at South Oko.
“The importance of this milestone should not be underestimated, as we’ve spent numerous months closely looking at the geology, geochemistry, geomorphology and structural extensions to the mineralised corridors within the district — and identified these permits as high-priority due to them hosting all the key ingredients required for a potential discovery,” Ahmed says.
“Importantly, unlike the northern targets at South Oko which took numerous months to develop from scratch, we now have an astute execution-ready exploration team and camps at South Oko which are fully equipped — meaning we are ready to commence work on these new permits immediately.”
The new permits directly adjoin the area where Altair is currently drilling and conducting geochemical extension sampling at South Oko.
Altair expects to develop new targets across these permits within three months to integrate into current reverse circulation programs or subsequent diamond drilling.
To enter a 60-day due diligence period under binding heads of agreement with Henry Alphonso, Lorenzo Alphonso, Clinton Alphonso, and Vincent Thakur, Altair paid a signing fee of US$175,000 ($246,180).
Upon completing due diligence, Altair will pay US$1.075 million to start the initial 12-month option period. The company can retain its option for up to 48 months via annual payments of US$650,000, with an option exercise payment of US$4.5 million required to acquire a 100% beneficial interest.
The Greater Oko Project now sits at 457km², maintaining its position as the largest gold exploration project in Guyana while the company advances its 30,000m drilling program.
Altair Minerals is an Australian mineral explorer focused on the discovery and development of large-scale gold assets in Guyana.
Write to Paula Fabe at Mining.com.au
Images: Altair Minerals
